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Crude Oil attempts to shrug off supplies buildup, WTI claws back to $74

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Oil News

WTI,OPEC

West Texas Intermediate (WTI) US Crude Oil is grinding higher on Wednesday as energy markets attempt to shrug off another buildup in US Crude Oil stocks.

Crude Oil markets are struggling to recover from sharp declines. US Crude Oil supplies delivered another buildup in measured stocks.

set to ease production caps in the coming months. West Texas Intermediate US Crude Oil is grinding higher on Wednesday as energy markets attempt to shrug off another buildup in US Crude Oil stocks. The Organization of the Petroleum Exporting Countries and its extended group of non-member ally states,

, cautioned this week that the global oil cartel is set to phasing out voluntary production cuts as Crude Oil producers grow frustrated at OPEC’s inability to engineer broad-market support for barrel prices. As oil-heavy nations prepare to pivot away from production limits in favor of balancing their government budgets, Crude Oil markets are balking at the prospect of even further risks of oversupply as global demand fails to materialize in-line with energy market expectations. US Crude Oil stocks rose on a weekly basis once again after the American Petroleum Institute reported a 4.052 million barrel buildup in Weekly Crude Oil Stocks, shrugging off a forecast -1.9 million barrel decline and chewing a significant hole in the previous week’s -6.

 

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